Publicly-listed VB Holdings Ltd has declared an interim dividend of $0.07 cents a share for the first six months of this year ending June 30, 2020.
Despite the depressed market conditions that had led to a drop in revenue this year, the company says it has managed to sustain its dividend level given its healthy and strong cash position.
In its market announcement issued via the South Pacific Stock Exchange (SPX), VB Holdings CEO Nitish Bob Niranjan said the board was mindful that its shareholders were experiencing challenging times.
He said they wanted to assist its shareholders by paying full dividends at this difficult time since the company was in a position to do so.
“The company remains debt-free and is self–funding its expansion and business,” Mr Niranjan said.
VB Holdings Ltd with its core business of fleet management and property management recorded an unaudited total net profit before tax of $511,567 as at June 30 – compared to $481,694 (unaudited) for the same period last year.
He said despite those challenging conditions and decline in sales, the company had recorded an increase in profit of 6.20 per cent.
He added the company also recorded an increase in net assets amounting to $17,664,400 as at June 30, 2020, an increase of $1,346,094 compared to the same period last year.
Mr Niranjan said Budget Rental Cars, one of the major customers of VBH, had returned a substantial portion of its fleet, owing to the decline in business attributed to tourism-related shutdown from the global COVID-19 pandemic, which had led to a major reduction in revenue for VB Holdings Ltd.
“We continue to provide our support to our customers in these unprecedented times, thus rent reduction for all rental property has been extended until September 2020.”
VB Holdings Ltd now completes its 19th year since listing on SPX and 74th year as a publicly-listed company.
